In August, the Central Bank of Uzbekistan added 2 tons of gold to its international reserves, the World Gold Council (WGC) said in a report.
Gold makes up a significant ratio of Uzbekistan's international reserves. The country's total gold reserves reached 366 tons (nearly $40 billion, 80% of all reserves). Despite the increase, this figure remains 17 tons below the end-2024 level.
Nevertheless, Uzbekistan has become the largest seller of gold in the first six months (approximately 16 tons).
According to the WGC, central banks collectively increased their gold reserves by 15 tons over the month. This is comparable to monthly purchases from March to June and indicates a return to active operations after a break in July.
Rising global gold prices, which have repeatedly reached historic highs in 2025, continue to constrain large purchases by central banks. Nevertheless, as the World Gold Council underscored, interest in gold among regulators remains high.
Seven central banks purchased gold in August, while only two reported a decrease in their reserves.
Countries that added to their gold reserves were:
- Kazakhstan — +8 tons (for the sixth month in a row), to 316 tons;
- Bulgaria — +2 tons, to 43 tons (the largest increase since 1997);
- Turkey — +2 tons, to 639 tons;
- China — +2 tons, to over 2,300 tons;
- Uzbekistan — +2 tons, to 366 tons;
- Czech Republic — +2 tons, to 65 tons (the Czech Central Bank plans to increase its reserves to 100 tons by 2028);
- Ghana — +2 tons, to 36 tons.
Only the Central Bank of Russia (-3 tons) and Bank Indonesia (-2 tons) sold gold. In the first case, the reduction is due to the investment coin minting program.
According to the Central Bank, Uzbekistan's international reserves surpassed $50 billion in August—a record high since 2013. This increase was driven by rising gold prices on global markets.
Over the first eight months, the country exported $8.42 billion in gold, almost 1.7 times more than the same period last year. These sales exceeded the total for all of 2024, as well as the record-breaking 2023.
The President Shavkat Mirziyoyev previously announced a significant increase in gold and uranium production due to the introduction of new approaches to geological exploration. He stated that while gold production in 2016 was 86 tons, this year's figure is expected to reach 118 tons.
